January 29, 2007

Spring Bounce is Here! People lining up for open house!

Burbed likes chocolate. While driving down Silicon Valley’s Champs Elysees, El Camino Real, Burbed stopped at See’s.

Burbed noticed a huge number of cars looking for parking down the street so that they could see this open house:

MLSlistings Property Detail for MLS number 703938
695 S KNICKERBOCKER DR #00009
Sunnyvale, CA 94087
$595,000

695sknicker.jpg

Homeowners’ Association Fee:$240
Open House Showing
Saturday, January 27, 2007 1:30 PM – 5:00 PM
Sunday, January 28, 2007 1:30 PM – 5:00 PM

This Townhouse has the following features:
MLS#: 703938 Approx Age: 21 Years Approx Sq Ft: 1321
Townhouse 2 Levels End Unit
3 Bedrooms 1 Master Bedroom Suite 2&1/2 Bathrooms

According to Zillow, this last sold 05/01/2003: $390,000. Since then, new carpeting, new paint, and new pergo flooring has been added.

But wait – does that add up to the $209,000 difference between the last purchase price and the current offering price? Of course not! That’s because the intangibles aren’t factored in yet…. For example:

  • The retirement home down the street has become more special.
  • The dumpster for Safeway that’s on this street has become more special.
  • The abandoned store next to See’s chocolate (which has been empty since Stroud’s went out of business) has become more special.

All kidding aside though, people were practically waiting for parking spots to go to this open house. There were families with kids, couples, some older people – milling about. Some were waiting to go in, some were just coming out.

It’s not clear if a deal was made… but may I be so bold as to predict that there will be 6 offers and that the final selling price will be in the $600’s? Possibly $660,500?

How did I get this fair market price? Easy: $500 per square foot.

If it’s not $500 per square foot, it’s not Silicon Valley.

Is this the famed spring bounce? Did prices hit a low? Will 2007 be the year when the $600 per square foot becomes the norm?

I guess we’ll just have to wait and see.

Click here to post a comment -- Posted by: burbed @ 5:40 am

No Responses to “Spring Bounce is Here! People lining up for open house!”

  1. CatSynth Says:

    Thanks for your comment the other day on CatSynth. This post did cheer me up for a bit, laughing at things getting “more special.” I will continue to be a regular reader, and please stop by CatSynth now and then, too. -AC


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